Timberline Issues Corporate Update
Timberline's Butte Highlands Joint Venture is the first example of the Company's strategy to enter into creative structures that move production responsibility to other parties while allowing exposure to gold production, where financing has been provided by a third party with proven expertise in underground mine development and operation. This has been achieved with no dilution to Timberline shareholders. As noted, all expenditures relating to the development of the projected underground mine are being paid by Timberline's joint venture partner, with a total expected development budget of USD $17 million.
In addition, during 2010, Timberline is undertaking an exploration program at the property with a goal of extending the mineralized zones by way of drilling seven holes totaling 7,000 feet, geophysics and geochemistry with a total budget of USD $650,000. Results will be released as the Company evaluates assay results during the next two months.
Investments – Timberline Drilling
Timberline is the 100% shareholder of Timberline Drilling, Inc. ("TDI"), a contract diamond drilling subsidiary in the United States. TDI's specialty is underground diamond drilling, but it provides both underground and surface core drilling to companies with operating mines and advanced development and exploration projects. With its own facilities and management, TDI is a separate business unit reporting to the Company and consolidated with the Company's financial results.TDI has experienced, dedicated personnel and world-class clients, including Newmont in Nevada. TDI has remained consistently profitable over the last five quarters, despite global economics, and contributes cash flow to the Company while providing priority access for Timberline's drilling activities at attractive rates. Prudent growth is a key goal of Timberline for TDI. Investments – Rae-Wallace Mining Company Timberline is a significant shareholder (18%) in Rae-Wallace Mining Company (OTCPK:RAEW), which holds eight gold-silver properties in Peru. Rae-Wallace has recently announced a funding and strategic partnership with Fronteer Gold Inc. of Vancouver, Canada that adds to its strategic partnership with Timberline.
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